CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (77/2023) Disciplinary Board - (114/2023) Authority, and imposition of a fine against Massaleh Real Estate Company for violating the rules of Real Estate Assets Valuation

Announcement regarding issuance of Disciplinary Board Resolution No. (77/2023) Disciplinary Board - (114/2023) Authority, and imposition of a fine against Massaleh Real Estate Company.

For violating the rules of Real Estate Assets Valuation.

For the following reasons:
Violation of the provision of Paragraph (a) of Item (3) of Appendix 1 (Real Estate Assets Valuation) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company failed to evaluate the real estate located in Dubai (in the United Arab Emirates) in a value of KWD 589,908 within the Item of (Real Estates under Development) on an annual basis.

The Resolution included the infliction of the following penalty: -
“Levying a fine against Massaleh Real Estate Company in an amount of KWD 1000 (one thousand Dinars) for the attributed violation”.

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.

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